Conditions

TERMS AND CONDITIONS OF THE
VIOLINI-CRACOVIA EDUARD PAZHIK AUCTION HOUSE BASED IN KRAKOW

§ 1. DEFINITIONS

Auction – a procedure for entering into an agreement referred to in the Civil Code Act of 23 April 1964 (Journal of Laws of 1964 No. 16, item 93 as amended).

Auctioneer – the person running the Auction.

Adjudication Price – the highest price offered during the Auction for the Item for Sale.

Sale Price – the price equal to the sum of the Adjudication Price and the Commission, plus the VAT due under the applicable provisions of law.

Asking Price – the initial price of the auctioned Item for Sale.

Auction House – Violini-Cracovia Eduard Pazhik company with registered office in Krakow (postal code: 30-683), at ul. Nowosadecka 31/21, registered in the Business Activity Central Register and Information Record kept by the Minister of Economy, with NIP [Tax ID] number: 5832954244, and REGON [Company ID] number: 220298035.

Buyer – a person taking part in the Auction who offered the Adjudication Price for the Item for Sale.

Bidder – a person who takes part in the Auction.

Increment – each and every increase of the price for the Item For Sale during the Auction.

Commission – remuneration of the Auction House for the sale of the Item for Sale, payable by both the Buyer and the Seller, by each in the amount equal to 15% (fifteen percent) of the Adjudication Price.

Item for Sale – a movable property furnished by the Seller for the purposes of offering it on the Auction carried out by the Auction House.

Seller – the owner of the Item for Sale offering it on the Auction carried out by the Auction House.

§ 2. RESERVATIONS

The Auction House reserves the right to withdraw the Item for Sale from the Auction without providing any reasons, and shall assume no liability for doing so.

The Auction House reserves the right to prevent a Bidder from participating in the Auction without providing any reasons and shall assume no liability for doing so.

The Auction House reserves the right to refuse to sell on Auction any Items for Sale without providing any reasons and shall assume no liability for doing so.

§ 3. LIABILITY

The Auction House declares that it acts solely as an agent of the Seller and therefore does not assume any liability for the conclusion of a sale agreement with the Buyer (nor for any warranty for physical or legal defects or related to non-conformity of the product with the agreement), which shall remain entirely the Seller’s liability.

From the moment of collecting the Item for Sale, the Auction House takes full liability for the damage or loss of the Item for Sale, as well as undertakes to cover all the costs associated with the insurance of the Item for Sale.

§ 4. SELLER

The Seller represents that the Items for Sale provided by it to the Auction House are free from physical defects (except those explicitly stipulated in the agreement) and legal defects, are not subject to any litigation or administrative, enforcement or tax proceedings, are not a subject to any lien, registered pledge or any other rights held by third parties, are not subject to seizure, are not a collateral, and the right to dispose of them is by no means limited.

The Auction House shall provide the description of the Item for Sale in the informational brochure published by the Auction House. Any and all information about the Item for Sale presented in the informational brochure is for information purposes only and does not constitute any representation by the Auction House to the Bidders. Moreover, this information does not constitute any part of the agreement concluded between the Buyer and the Auction House.

Before providing the Item for Sale to the Auction House, the Seller is required to:

prove the ownership of the Item for Sale or, should the Auction House deem it sufficient, make a declaration that the Seller is the owner of the Item for Sale;

make a declaration that the Item for Sale is free from legal defects and claims by third parties as set out in paragraph 1 above;

make a declaration whether the Seller is registered with the VAT authorities, and if so, whether it has exercised the right to deduct input VAT;

make a declaration of consent for its personal data to be processed by the Auction House exclusively for the purposes related to the sale of the Item for Sale;

make a declaration (in the case of the Seller being married) on its matrimonial regime and, in the case of the statutory or contractual joint property, to submit the spouse’s declaration of consent to the sale of the Item for Sale for at least the Asking Price;

make a declaration that the Seller shall not demand the Auction House to surrender the Item for Sale until the end of the Auction (date to be clearly defined in the agreement) and, in the event of a breach of this obligation, the Auction House shall be entitled to claim liquidated damages from the Seller in the amount of 5% Asking Price, as well as to claim damages in excess of the above on a general basis.

§ 5. AGREEMENT WITH THE SELLER

In an agreement with the Auction House, the Seller shall set out the Asking Price for the Item for Sale, below which the Auction House shall not be entitled to sell the Item for Sale.

The agreement between the Auction House and the Seller shall include the detailed description of the Item for Sale (including its defects and damage), as well as the Asking Price and other terms and conditions individually agreed on or pursuant to the provisions hereof.

For the sold Item for Sale the Seller shall receive from the Auction House the Adjudication Price less the Commission.

The Auction House undertakes to pay to the Seller the amount set out in the preceding paragraph within 30 days from the date of the payment of the Sale Price by the Buyer.

The date of the payment to the Seller shall be the date when the payment is debited from the bank account of the Auction House.

§ 6. RETURN OF THE ITEM FOR SALE

If the Item for Sale is not sold in the course of the Auction, the Seller shall collect it within 7 days from the date of the Auction in the place indicated by the Auction House.

If the Item for Sale is not collected by the Seller within the time specified in the preceding paragraph, the Auction House shall be entitled to claim compensation for storing the Item for Sale in the amount of PLN 50.00 (say: PLN fifty 00/100) for each day of delay in the collection.

If the Seller does not collect the Item for Sale for such a period of time that the amount due on the basis of the provisions of paragraph two of this article is higher than the Asking Price set out in the agreement between the Seller and the Auction House, the Auction House shall be entitled to sell the Item for Sale and to set off the received amount towards the remuneration referred to in paragraph two. Specific provisions in this regard shall be included in the agreement between the Seller and the Auction House.

The Seller and the Auction House may include in the agreement provisions that conflict with those set out in this paragraph, in which case the provisions of the agreement shall take precedence.

§ 7. BIDDER

Natural persons with full legal capacity, as well as legal persons and organisational units without legal personality but recognised by the law as having legal capacity, that operate in accordance with the applicable Polish laws have the right to join the Auction.

Bidding can only be carried out in person or through a duly authorised representative present at the place of the Auction. If a Bidder notifies the Auction House of a wish to participate in the Auction by means of distance communication, each and every time this matter shall be individually agreed upon in an agreement concluded between the Bidder and the Auction House.

Plates with Bidder numbers provided by the Auction house authorise the Bidders to participate in the Auction. The plates shall be returned to the Auction House after the Auction, at which time the document confirming the transactions made in the Auction may also be collected.

Prior to the Auction, the Bidder is required to:

familiarise itself with these Terms and Conditions, agree to observe them and submit an adequate declaration in this regard;

familiarise itself with the technical condition of the Item for Sale, i.e. examine it visually and to make a statement that the Item for Sale is suitable for its intended use and that the Bidder does not raise any objections in this regard;

provide accurate personal data;

submit a declaration in which the Buyer acknowledges that the Auction House acts exclusively as an agent of the Seller and that all claims with regard to the physical and legal defects of the Item for Sale may only be made directly to the Seller and that the Auction House shall not bear any liability in this respect;

after offering the Adjudication Price, pay the Auction House the Purchase Price;

make a declaration of consent for its personal data to be processed by the Auction House exclusively for the purposes related to the sale of the Item for Sale;

collect the Item for Sale purchased in the Auction within the time limit specified herein.

§ 8. EXAMINATION OF THE ITEM FOR SALE

The Items for Sale can be visually examined at the place and on the day of the Auction as well as on the day preceding the Auction.

During the visual examination the Bidder has the right to get acquainted with the technical condition and the properties of the Item for Sale. Consequently, the Buyer, after offering the Adjudication Price, has no right to claim that the Item for Sale is defective or not suitable for the intended use.

While examining the Items for Sale, each and every Bidder is liable for the damage caused by that Bidder or the accompanying persons.

§ 9. AUCTIONEER

The Auctioneer each and every time resolves any disputes and doubts arising in the course of the Auction, and each and every time sets the amount of the Increment for each Item for Sale, as well as indicates the Buyer.

The Auctioneer is obliged to apply the following minimum Increment values:

for the price of the Item for Sale up to PLN 5,000.00 (say: PLN five thousand 00/100) the minimum Increment shall be PLN 100.00 (say: PLN one hundred 00/100);

for the price of the Item for Sale between PLN 5,000.00 (say: PLN five thousand 00/100) and PLN 10,000.00 (say: PLN ten thousand 00/100) the minimum Increment shall be PLN 200.00 (say: two hundred 00/100);

for the price of the Item for Sale between PLN 51,000.00 (say: PLN fifty one thousand 00/100) and PLN 100,000.00 (say: PLN one hundred thousand 00/100) the minimum Increment shall be PLN 1000.00 (say: thousand 00/100).

§ 10. AGREEMENT WITH THE BUYER.

The Auction House sells the Items for Sale, on behalf of and for the Seller, as an entity authorised by the Seller to perform these activities.

The Bidder acknowledges that if the Auctioneer announces the Adjudication Price three times (repeats three times the Adjudication Price offered by the Buyer), it shall lead to the conclusion of an agreement pursuant to Article 70 § 2 of the Civil Code Act of 23 April 1964 (Journal of Laws of 1964 No. 16, item 93 as amended) and consequently bind the Bidder (the Buyer) to pay the Sale Price and collect the Item for Sale from the Auction House.

Notwithstanding the provisions of the preceding paragraph, immediately after the Auction (on the day of its realisation), the Buyer shall confirm in writing the fact of concluding the agreement and pay the Auction House the Sale Price in cash or by bank transfer to the bank account designated by the Auction House.

The Buyer shall pay the Sale Price in the Polish currency or, with the consent of the Auction House, in a foreign currency, i.e. the US dollar or the euro after conversion into the Polish currency at the average exchange rate of the National Bank of Poland published on the day preceding the day of payment of the Sale Price. If the payment is made by bank transfer or in cash, all costs related to the currency conversion shall be borne entirely by the Buyer.

§ 11. TRANSFER OF THE ITEM FOR SALE

The Item for Sale shall be transferred to the Buyer upon the Buyer’s payment of the Sale Price to the Auction House. The time of payment of the Sale Price shall be the time of the Auction House receiving the total amount in cash or the time of crediting the bank account kept by the Auction House with the Sale Price. On that day, the Buyer shall become the owner of the Item for Sale.

The collection of the Item for Sale purchased in the Auction shall be possible within 7 days from the date of the Auction, with the stipulation that on the day of the Auction the Item for Sale shall be available for collection at the place of the Auction, and in the subsequent days exclusively at the place indicated by the Auction House.

If the Item for Sale is not collected within the period specified in the preceding paragraph, the Buyer shall pay to the Auction House a fee in the amount of PLN 50.00 (say: PLN fifty 00/100) for each day of the storage of the Item for Sale by the Auction House.

Upon the transfer of the Item for Sale to the Buyer, the Buyer shall assume full liability for the damage or loss of the Item for Sale.

§ 12. DEFAULT BY THE BUYER

In the case of non-payment of the Sale Price by the Buyer within the time specified in § 10 paragraph 3 hereof, the Auction House shall be entitled to withdraw from the agreement concluded with the Buyer and to claim compensation on a general basis.

If the Auction House withdraws from the agreement on the grounds of the provisions of the preceding paragraph, the Auction House shall be entitled to offer the Item for Sale to the Bidder who offered the price one Increment lower that that offered by the Buyer, provided that this price is higher than the Asking Price.

If the Bidder referred to in the preceding paragraph agrees to purchase the Item for Sale for the price quoted by the Bidder during the Auction, the Auction House shall be entitled to sell the Item for Sale and to conclude an adequate agreement in this regard.

The Auction House shall be entitled to claim, from the Buyer who offered the Adjudication Price and subsequently failed to pay the Sale Price for the Item for Sale, a compensation for any losses including the loss of profit.

§ 13. FINAL PROVISIONS

The Auction shall be conducted in accordance with the Polish law.

Participation in the visual examination or in the Auction, as well as making a purchase offer in any manner shall constitute the Bidder’s consent to the provisions hereof.

The Auction House declares that the payment for the Item for Sale in the amount greater than the equivalent of EUR 15,000.00 (say: EUR fifteen thousand 00/100) shall be made only by bank transfer to the account designated by the Auction House.